Federal Bank has more than half a century of experience servicing the needs of its customers. This experience has helped them excel in customer satisfaction & the development of user-friendly financial products, including home loans. It’s for this reason that Federal Bank home loans are one of the more preferred housing finance solutions available today.
You can avail Federal Bank Home Loans for the purchase of a plot, construction of a house, repairs/renovation of your home, and a number of other home-related purposes. Some of the features that make Federal Bank Home Loans special are quick approvals, minimal paperwork, longer repayment tenures, etc. All of this ensures that, with a Federal Bank Home Loan, your dream home is closer than you think!
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Federal Bank Home Loan Eligibility:
To avail a Federal Bank Home Loan, one must be above 18 years or more. The maximum age limit for Federal Bank Home Loans is 65 years. Salaried, self-employed professionals and business owners are all eligible for Federal Bank home loan as long as they meet the required annual income levels.
However, your eligibility amount will be decided based on numerous other factors. These usually include your credit score, monthly income & obligations, your financial back-up (savings), whether or not you have any existing loans, etc. You can increase your eligibility by adding a co-applicant. This should significantly increase your eligibility amount, especially if your co-applicant has an income source.
You can also check your Federal Bank Home Loan Eligibility in seconds! All you have to do is use an eligibility calculator. Doing so before applying will ensure you do not apply for loan amounts beyond your eligibility so make sure use one of these calculators before applying.
Federal Bank Home Loan Rates & Charges:
Federal Bank Home Loan Rates are very competitive. Housing loan in the salaried segment will be made available to you at rates ranging between 8.55% & 8.65%. On the other hand, if you are a self-employed individual, you can expect rates between 8.60% & 8.70%. As far as the processing fees are concerned, you will have to pay as little as 1% of the loan amount, not more than that. Moreover, there are no prepayment charges if you opt for a Federal Bank Home Loan with floating rates.
Federal Bank Home Loan Documents:
After more than 70 years in the banking business, Federal Bank has streamlined the documentation process so it’s easier for customers to apply. We at ApnaLoan will make it even easier by providing you a checklist of the required Federal Bank Home Loan Documents:
- Properly filled application signed & with a photograph
- ID and residence proof
- A cheque for your processing fees
- Bank statements for the last 6 months
Income documents for self-employed borrowers:
- Income Tax Returns with the computation of Income for the last three years
- CA Certified or an Audited Balance Sheet and Profit & Loss Account
Income documents for salaried applicants:
- Latest income tax returns
- Form 16
Apply for Federal Bank Home Loan with ApnaLoan:
Now that you are up to speed on Federal Bank Home Loans, their eligibility criteria, interest rates & documents, all that’s left to do is to apply. You can do so with ApnaLoan by simply filling out the application form. We will provide you instant quotations & put you in touch with a representative from the Federal Bank that will give you the best deals possible.